- EMC tenement expansion includes the acquisition of two granted exploration licences and the application of a third exploration licence
- The new and applied for tenements join the most important magnetic trend along the Revere Reef structure
- Minimum historical exploration work has been undertaken on the three new tenements
“EMC’s move to expand its tenure across its Revere Gold & Base Metal Project reflects the Company’s confidence of building on its high-grade gold occurrences from surface as well as base metal orebodies at depth. The new tenements connect the structural corridor over the significant portion of the Revere Reef magnetic anomalies”.EMC Executive Chairman/CEO Mark Caruso commented:
Everest Metals Corporation Limited (ASX: EMC) (“EMC” or “the Company”)is pleased to announce that the Company has acquired two exploration licences (E51/2135 and E51/2136) and applied for a new exploration licence (E51/2199)at the Revere Gold & Base Project (“RGP”) located 90km NE of Meekatharra, in the Mid-West region of Western Australia (Figure 2). The project is located just off the Great Northern Highway approximately 90km to the northeast of Meekatharra in the Murchison Region of Western Australia and 900km north of Perth and the project sits proximal and along strike of the DeGrussa and Monty Copper-Gold mines, just 55km to the southwest.
The acquisition and application of the additional tenements expands the Revere tenement package from 82km2 to 171km2. The Revere Reef lies within a corridor which extends northeast. These new tenements sit in this structural corridor over magnetic anomalies. The acquisition and application will allow the Company to cover an exploration right over the northeast- southwest favourable trend magnetic anomaly (Figure 1).
Figure 1: Location the Revere Project tenement package over magnetic anomaly map
Table 1: Revere project new tenements schedule
Figure 2: Location map of the Revere Gold Project tenements showing existing (yellow) and newly acquired tenements (blue)
Key Transaction Terms
Key terms of the tenement acquisitions are:
- E51/2135: 500,000 EMC ordinary shares to Warringa Blue Pty Ltd
- E51/2136: 500,000 EMC ordinary shares to Lil Boyteeth Pty Ltd
Both Warringa Blue Pty Ltd and Lil Boyteeth Pty Ltd are unrelated parties to EMC.